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CHICAGO, Nov. 19, 2019 /PRNewswire/ -- According to the new market research report "Artificial Intelligence (AI) in Drug Discovery Market by Component (Software, Service), Technology (ML, DL), Application (Neurodegenerative Diseases, Immuno-Oncology, CVD), End User (Pharmaceutical & Biotechnology, CRO), Region - Global forecast to 2024", published by MarketsandMarkets™, the AI in Drug Discovery Market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% during the forecast period.

Some of the factors responsible for the growth of this market are growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications & services, and the impending patent expiry of blockbuster drugs. On the other hand, a lack of data sets in the field of drug discovery and the inadequate availability of skilled labor are some of the factors challenging the growth of the market.

"The services segment is expected to grow at the highest CAGR during the forecast period."

On the basis of offering, the Artificial Intelligence in drug discovery market is segmented into software and services. The services segment is expected to grow at the highest CAGR during the forecast period. AI is a complex method as it requires the implementation of sophisticated algorithms for a wide range of applications in drug discovery, precision medicine, medical imaging and diagnostics, and patient data and risk analysis, among others. Hence, for the successful implementation of AI, there is a need for deployment & integration and support & maintenance services. These are some of the major factors responsible for the high growth rate of this segment.

"The Machine learning segment accounted for the largest market share in 2019."

On the basis of technology, the Artificial Intelligence in drug discovery market is segmented into Machine learning and other technologies (context-aware computing and natural language processing). The Machine learning segment dominated this market in 2018 as pharmaceutical companies, CROs, and biotechnology companies have widely adopted Machine learning for drug discovery applications. This is because Machine learning has the capability to extract insights from data sets, which helps accelerate the drug discovery process.

"North America commanded the largest share of the AI in drug discovery market in 2019."

In 2018, North America was the largest and the fastest growing regional market for AI in drug discovery. North America, which comprises the US, Canada, and Mexico, forms the largest market for AI in drug discovery. These countries have been early adopters of AI technology in drug discovery and development. In the North American market, the US is a major contributor. In addition, prominent AI technology providers, such as IBM, Google, Microsoft, NVIDIA, and Intel are headquartered in the US; their strong presence is a key contributor to market growth. Other drivers include the well-established pharmaceutical industry, high focus on R&D & substantial investment, and the presence of globally leading pharmaceutical companies. These are some of the major factors responsible for the large share and high growth rate of this market.

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